Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Rafting, Estoppel, Cash Register

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Although cell phone contracts are completely unfair, they are legally enforceable because you had the choice to accept or not. Fairness is not how we judge the validity of contracts, instead we assume fairness: who decided what is fair, making sure it is fair may be inefficient, unfairness is an inherent part of our capitalist system. Rules about contracts come from common law. Price tags and advertisement are not offers, they are invitations to treat: the contract occurs when i take the item to the cash register (offer) and the cashier takes my money (acceptance) In order for an offer to be accepted it must be received and understood. When does an offer go away: expiry (whether a stated amount of time or a reasonable amount of time, rejection, counter offer, revocation, death or insanity * The promise to give money in exchange for the promise to give a machine.